Exxon Mobil Corp., Chevron Corp. and ConocoPhillips beat back an attempt by senators to raise their taxes by nearly $6 billion.

The Senate version of the bill at one point included a provision that would have cost the five largest oil companies — companies with average daily production of 500,000 barrels; gross receipts of more than $1 billion dollars in 2005 and an ownership in a refinery of 15% or more — about $5 billion by changing how they account for oil inventory. House Republicans dropped the provision from the final version of the bill.

A separate Senate measure would have stripped $700 million in tax incentives for large oil companies to explore for oil and gas. That provision, too, was dropped from the compromise bill that emerged from House-Senate negotiations.

The return on investment in lobbying is unbelievable when you look at it. The oil and gas companies spent $33 million and in return they saved $6 billion. Even once you add in campaign contributions – $25,622,789 from 2004, the last full election season – the amount that they put in to system gives them a monumental reward. Something like a 10,000% return on investment.